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SEC defendant Stack asks judge to dismiss charges

2021-05-10 20:55 ET - Street Wire

Also Street Wire (U-PSNP) Preston Corp

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by Mike Caswell

Andrew Stack, a Texas lawyer charged by the U.S. Securities and Exchange Commission for an OTC Markets scheme linked to former Vancouver resident William Scott Marshall, has asked a judge to dismiss the case. He says that any allegations of fraudulent conduct stem from Mr. Marshall's actions. As Mr. Stack sees things, there is no evidence that he knew of or had any involvement with Mr. Marshall's scheme.

The statements from Mr. Stack come in response to civil charges that the SEC filed against him on Jan. 15, 2021. The regulator claimed that he acted as a figurehead officer of a company called Preston Corp. in 2016. He did so as Mr. Marshall and others were touting a supposed gold mine in Arizona that the company planned to invest in, the regulator claimed. News releases stated that the mine was nearing production, but in reality it was not fully permitted or close to completion, the SEC said.

Mr. Stack's request to dismiss the charges is contained in a motion filed in federal court in Texas on May 7, 2021. In the motion, Mr. Stack claims that he had no knowing part in Mr. Marshall's scheme. He says that he became the chief executive officer of Preston on March 30, 2016, at the request of Mr. Marshall. While he was the CEO, Mr. Marshall and others associated with Mr. Marshall drafted the company's news releases and prepared offering materials, the motion states.

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